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Citron Covers Cryptocurrency Shorts Because 'Easy Money Has Been Made'

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Citron Covers Cryptocurrency Shorts Because 'Easy Money Has Been Made'
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As bitcoin continues to dwindle beneath $12,000, down 42 percent off Sunday’s high, Citron Research is cashing in on his shorts.

Andrew Left tweeted Friday he’d abandoned his Riot Blockchain Inc (NASDAQ: RIOT) and Bitcoin Investment Trust (OTC: GBTC) positions and walked with the profits.

Ahead of the launch of futures, the bitcoin skeptic had difficulty entering the short side and securing borrows, so he exploited blockchain-exposed firms like Riot and over-the-counter trades of the GBTC. Although fellow opponents weren't as well positioned to short GBTC, he was confident the weight of communal doubt could conceivably tank the trust.

"I think if other people were able to get borrows [on GBTC] it'd be down 1,000 percent tomorrow," Left told CNBC earlier this week.

By his assessment, Riot has few assets, just one “insignificant investment” in a bitcoin trader, meriting its status as a perceived crypto player. “There’s nothing there,” he said, valuing Riot at $9 per share. The stock has conceded nearly 14 percent since his claim and now rests at $23.75.

GBTC, which Left claimed was trading at a 90-percent premium, is down 17.6 percent at $1,460.

Related Links:

How The Bitcoin Investment Trust Actually Works

Why The Bitcoin Bubble Is Different From All Other Bubbles

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